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- Referencing Styles: Harvard
- Course Code: BEO1105
- Course Title: Economic Principles
- University: Open University Malaysia
- Country: MY
Question 1 Comment on the following statement: “If the provision of public goods was left to private firms, the outcome would be more efficient than what occurs when the government provides them”. Note: No diagram is needed to be drawn.
Question 2 Ceteris paribus, assume postal workers are successful in obtaining a pay raise from the Malaysian postal service and email and text messaging have become common. Using demand and supply graphs, illustrate and explain the impact on the equilibrium price and quantity in the market for postal services? HINT: There is more than one possible outcome.
Question 3 Frank was a bricklayer, but a year ago, he decided to start his own business as an outdoor furniture manufacturer. Frank has two sisters: Amy is an accountant and Judith is an economist. Each sister calculates Frank’s total cost and profit for the first year using the following information:
Frank took no income (wages) from the firm. He has a standing offer to return to work as a bricklayer for $30,000 per year. Frank rents the machinery he uses from an equipment rental firm. His annual rent is $9000. Frank owns the garage that he uses as his factory, but he could rent it out at $3000 per year. For working capital, Frank used $10,000 of his own money and borrowed another $30,000 at the market rate of interest of 10% per year. Frank employs an assistant at an annual salary of $20,000. The cost of materials during the first year was $40,000. Frank’s revenue for his first year was $100,000. What is Frank’s profit as calculated by Amy? What is Frank’s profit as calculated by Judith? What advice would Judith have for Frank, based on her calculation of Frank’s profit?